Indian steel faces threat of anti-dumping duty in US
Updated: Jul 03, 2013 06:07:02pm
New Delhi, Jul 3 (KNN) American steel makers have approached the US International Trade Commission to investigate whether reports from several countries, including India are causing injury to them.
In a petition to a trade body, they have also asked for imposition of anti-dumping duties on imports of certain steel products which are used in the oil and gas industry.
The move will hurt Indian steel makers as their exports to the US will face non-tariff barriers.
According to industry officials, India has emerged as the fourth largest steel producing nation in the world, as per the recent figures release by World Steel Association in April 2011. In 2010, India was the 5th largest producer, after China, Japan, USA and Russia and had recorded a growth of 11.3 per cent in steel production as compared to 2009.
In addition, overall domestic crude steel production had grown at a compounded annual growth rate of 8.4 per cent during 2005-06 to 2009-10.
Significantly, the Indian steel industry had accounted for around 5 per cent of the world’s total production in 2010.
While the total crude steel production in India for 2010-11 was around 69 million tonnes, it is expected that the crude steel production in capacity in the country will increase to nearly 110 million tonne by 2012-13.
Further, if the proposed expansion plans are implemented as per schedule, India may become the second largest crude steel producer in the world by 2015-16.
The demand for steel in the country is currently growing at the rate of over 8 per cent and it is expected that the demand would grow over by 10 per cent in the next five years.
However, the steel intensity in the country remains well below the world levels. The per capita consumption of steel is around 110 pounds as compared to 330 pounds for the global average.
This indicates that there is a lot of potential for increasing the steel consumption in India. (KNN)
In a petition to a trade body, they have also asked for imposition of anti-dumping duties on imports of certain steel products which are used in the oil and gas industry.
The move will hurt Indian steel makers as their exports to the US will face non-tariff barriers.
According to industry officials, India has emerged as the fourth largest steel producing nation in the world, as per the recent figures release by World Steel Association in April 2011. In 2010, India was the 5th largest producer, after China, Japan, USA and Russia and had recorded a growth of 11.3 per cent in steel production as compared to 2009.
In addition, overall domestic crude steel production had grown at a compounded annual growth rate of 8.4 per cent during 2005-06 to 2009-10.
Significantly, the Indian steel industry had accounted for around 5 per cent of the world’s total production in 2010.
While the total crude steel production in India for 2010-11 was around 69 million tonnes, it is expected that the crude steel production in capacity in the country will increase to nearly 110 million tonne by 2012-13.
Further, if the proposed expansion plans are implemented as per schedule, India may become the second largest crude steel producer in the world by 2015-16.
The demand for steel in the country is currently growing at the rate of over 8 per cent and it is expected that the demand would grow over by 10 per cent in the next five years.
However, the steel intensity in the country remains well below the world levels. The per capita consumption of steel is around 110 pounds as compared to 330 pounds for the global average.
This indicates that there is a lot of potential for increasing the steel consumption in India. (KNN)
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